Elon Musk's new bet after Twitter, ready to buy drowned Silicon Valley Bank - Newztezz Online


Saturday, March 11, 2023

Elon Musk's new bet after Twitter, ready to buy drowned Silicon Valley Bank

Silicon Valley Bank Collapse Case: After buying Twitter, the world's second richest person Elon Musk has expressed his desire to play a new bet. He is ready to buy America's drowned Silicon Valley Bank. Read this news...

Silicon Valley Bank Crisis: After executing the $ 44 billion Twitter deal in the year 2022, Elon Musk is now gearing up to do something big in 2023 as well. He has expressed his desire to buy America's drowned Silicon Valley Bank . He has also commented about this on Twitter, as well as supported the idea told about the future of the bank.

The US regulator Federal Deposit Insurance Corporation (FDIC) has ordered the closure of Silicon Valley Bank. Along with this, the bank's total assets of $ 209 billion and total deposits of $ 175.4 billion have been seized. This incident happened on Friday has brought an earthquake for the whole world especially for the tech companies.

Elon Musk replied to Razer's founder

Min-Liang-Tan, co-founder and CEO of the consumer electronics maker, tweeted, "I think Twitter should buy Silicon Valley Bank and then become a digital bank."

In response to this, Elon Musk said, 'He is ready to work on this idea.'

Biggest banking crisis since 2008

The closure of Silicon Valley Bank in the US is the biggest bank failure since the 2008 economic recession. America's regulators have taken control of the bank in their hands. It is the 16th largest bank in America. Its headquarter is in California. Silicon Valley Bank has also invested in 21 startups in India.

Banking regulators say that Silicon Valley Bank has a substantial cash crisis. Along with this, due to high interest in America, he is also facing difficulty in raising funds. The bank's depositors will get insurance protection from the FDIC for an amount up to $250,000.

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